state administrative board http://michiganradio.org en Flint making the case for a $20 million bond http://michiganradio.org/post/flint-making-case-20-million-bond <P>UPDATE 3:30pm</P> <P>&nbsp;</P> <P>The Finance and Claims Committe of the State Administrative Board unanimously passed the city of Flint's resolution requesting a $20 million fiscal stabilization bond.&nbsp;&nbsp; The resolution now goes to the full board February 15th.&nbsp;</P> <P>&nbsp;</P> <P>11:55am 2/0711&nbsp;&nbsp;</P> <P>&nbsp;</P> <P><A href="http://en.wikipedia.org/wiki/Flint,_Michigan">Flint</A> city officials will be in Lansing&nbsp;Tuesday.&nbsp;The city has applied for state permission to get a $20 million&nbsp; ‘<A href="http://www.michigan.gov/buymichiganfirst/0,1607,7-225-48756-21005--,00.html">fiscal stabilization bond.'&nbsp;</A></P> <P>Flint is facing a multi-million dollar budget deficit this year and other long-term debts.&nbsp;<A href="http://en.wikipedia.org/wiki/Dayne_Walling">Flint mayor Dayne Walling </A>says the city needs the money to help keep the city afloat financially.&nbsp;</P> <BLOCKQUOTE> <P>“There is nothing more important for our city right now than the bond.&nbsp;&nbsp; We’ve been carrying a crushing load of past deficits on our shoulders.&nbsp; And we’ve come to the point where the pooled cash is not there to make payroll throughout the entire month of March without an infusion of cash.”&nbsp;&nbsp;</P></BLOCKQUOTE> <P>Walling is optimistic state officials will approve their bond request.&nbsp;&nbsp;</P> <BLOCKQUOTE> <P>“If this, for some reason, were not approved by the State Administrative Board, then we’ll get right back to the table with Treasury and we’ll talk about what our options are."</P></BLOCKQUOTE> <P>&nbsp;&nbsp;&nbsp;If the city of Flint can’t get the money it needs, the state may eventually takeover Flint’s finances. Mon, 07 Feb 2011 16:55:17 +0000 Steve Carmody 1188 at http://michiganradio.org Flint making the case for a $20 million bond